MIRA
INFORM REPORT
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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
JAIN IRRIGATION
SYSTEMS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.12.1986 |
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Com. Reg. No.: |
11-042028 |
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Capital
Investment / Paid-up Capital : |
Rs. 810.360
Millions |
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CIN No.: [Company Identification
No.] |
L29120MH1986PLC042028 |
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IEC No.: |
0388080361 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKJ00066D |
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PAN No.: [Permanent Account No.] |
AAACJ7163Q |
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Legal Form : |
A
Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Irrigation System. |
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No. of Employees
: |
6500
(Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 76000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having satisfactory track. There appears brightened
pressure on Jain Irrigation’s liquidity, as subsidy receivable in the
company’s micro-irrigation systems business remain high. The
company has recorded some increase in its sales during 2012. However, there
appears some dip in the profits earned. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
B+ (Cash Credit Limit) |
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Rating Explanation |
High risk of default |
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Date |
22.11.2012 |
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Rating Agency Name |
CRISIL |
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Rating |
A4 (Bank Guarantee) |
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Rating Explanation |
Minimal degree of safety |
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Date |
22.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/ Head/ Research and |
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Tel. No.: |
91-257-2258011/ 2260011/ 22 |
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Fax No.: |
91-257-2258111/ 2261111/ 22 |
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E-Mail : |
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Website: |
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Area : |
71 Acres |
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Location : |
Owned |
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Factory 2 : |
Dhobikuva, Muvad, Padra, Vadodra, |
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Tel. No.: |
91-2662-267281/ 267400 |
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Fax No.: |
91-2662-267363 |
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E-Mail : |
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Area : |
4 Acres |
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Location : |
Owned |
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Factory 3 : |
Jain Hills, |
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Tel. No.: |
91-257-2260033/ 44/ 2260288 |
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Fax No.: |
91-257-2261144 |
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E-Mail : |
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Area : |
236 Acres |
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Location : |
Owned |
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Factory 4 : |
S.No.587 and 588, Village : Kondamadgu,
Mandal Bibi Nagar, District Nalgonda - 508126, |
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Tel
No. : |
91-8685-277302
/ 3 |
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Fax
No. : |
91-8685-277305 |
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Factory
5 : |
Site No. 258-90, Village Ellaymuthur,
Udumalpet - 642154, District |
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Tel
No. : |
91-4252-278401
/ 2 |
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Fax
No.: |
91-4252-278403 |
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E-Mail
: |
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Factory
6 : |
100 Gollapalli, Village Gangadhara Mandal
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Tel
No. : |
91-8572-273703
/ 202022 / 273703 |
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Fax
No.: |
91-8572-273663 |
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E-Mail
: |
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Factory
7 : |
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Tel
No. : |
91-8572-273185
/ 86 / 273185 / 202033 |
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Fax
No.: |
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Factory
8: |
Plot No. SP-1, Matsya Industrial Area, Alwar - 301030, |
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Tel
No. : |
91-144-2881173 / 74 / 75 / 99 |
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E-Mail
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Factory
9: |
Survey No. 215, JIDC4, At Post Ghangali, Taluka Sihor, District |
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Tel
No.: |
91-2846-294222/ 225503 |
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E-Mail
: |
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Demo
and Research and Development Farm 1
: |
Jain Hills, P.O. Box: 72, Jalgaon- 425001, |
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Demo
and Research and Development Farm 2
: |
At. Takarkheda, Post. Kadholi, Taluka Erandol, District Jalgaon-
425001, |
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Demo
and Research and Development Farm 3 : |
Angora Breeding Farm, Village Pirdi, Taluka Mahol, District Kulu, |
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Demo
and Research and Development Farm 4 : |
Site No. 258-90, |
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Demo
and Research and Development Farm 5 : |
Aarogyadham” Kasturba Nisarga Upchar Kendra, |
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Plants in
Overseas : |
Jain Irrigation Inc. - (Micro
Irrigation) 2851, East, Jain Irrigation Inc. [Winter Haven,
Florida] - P.O. Box 3546, 3857 W. Lake Hamilton Dr. Winter, Haven, FL 33881 Chapin Watermatics, Inc. - (Micro
Irrigation) 740, Cascade Specialities Inc. - (Onion
Dehydration Plant) NuCedar Mills, Inc.- (Building
Products-1000 Sheridan Siding and Trim) Tom
Opar, President and CEO, Street, Sleaford Quality Foods Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ Jain Sulama Sistemleri Sanayi Ve Ticaret AS. [ THE Machines SA - Rue de
l’industries 5, CH-1462 YVONAND, ProTool AG - Bernstrasse 52, CH-4923 |
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Laisioning
Office : |
7, |
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Tel
No.: |
91-22-22109090 / 22610011 / 22129090 / 22670011 |
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Fax
No. |
91-22-22621177/
22641177 |
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Regional Offices : |
Located at
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Overseas
offices : |
Located at: ·
·
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DIRECTORS
AS ON 31.03.2012
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Name : |
Mr. Bhavarlal H. Jain |
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Designation : |
Chairman |
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Address : |
Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425
002, |
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Qualification
: |
B. Com., LL.B. |
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Name : |
Mr. Ghaneshyam Dass |
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Designation : |
Director |
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Name : |
Mr. Vasant V. Warty |
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Designation : |
Director (Nominee SBI) |
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Address: |
6
Umesh Society, |
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Qualification: |
BA, LLB, CAIIB |
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Name : |
Mr.
Ramesh C.A Jain |
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Designation : |
Director |
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Address: |
6
Umesh Society, N P thakur Road, New Rajpuriabaug, Vile Parle (E)
Mumbai-400057 |
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Qualification: |
BA,
LLB |
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Name : |
Mrs.
Radhika C Pereira |
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Designation : |
Director |
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Address: |
Dodhat
Pereira and Associates, 1018, 10th Floor, Maker Chamber V, Nariman
Point, Mumbai –400021 |
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Qualification: |
Bsc.
LLB, LLM ( |
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Name : |
Mr.
Devendra Raj Mehta |
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Designation : |
Director
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Date of
Appointment: |
26.12.2007 |
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Name : |
Mr.
Arunkumar Jain |
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Designation : |
Direcror
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Name : |
Mr. Ashok B. Jain |
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Designation : |
Vice Chairman |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
M.
Com. |
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Previous
Employment: |
Jain
Brothers Industries – Partner |
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Date
of Appointment : |
12.01
1987 |
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Name : |
Mr. Anil
Bavarlal Jain |
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Designation : |
Managing Director |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification
: |
B.
Com., LL.B. |
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Date
of Appointment : |
12.01.1987 |
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Previous
Employment: |
Jain
Brothers Industries – Partner |
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Name : |
Mr. Ajit B. Jain |
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Designation : |
Joint managing Director |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
B.E. |
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Experience: |
23
years |
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Date
of Appointment : |
11.01.1985 |
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Name : |
Mr. Atul B Jain |
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Designation : |
Director-
Marketing |
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Date of
Appointment: |
25.08.2009 |
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Name : |
Mr. R
Swaminathan |
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Designation : |
Director
- Technical |
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Address: |
Jain
House, 5/B, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
B.
Tech (Chem) |
KEY EXECUTIVES
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Name : |
Mr. A.V. Ghodgaonkar |
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Designation : |
Company Secretary |
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Audit
Committee: |
·
Mr. Ramesh C A Jain – Member ·
Mrs. Radhika C Pereira - Member ·
Mr. Vasant V Warty – Member ·
Mr. Ghaneshyam Dass – Chairman |
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Shareholders
Grievances Committee: |
·
Mr. Vasant V Warty – Chairman ·
Mr. Ajit B Jain – Member ·
Mr. Ramesh C. A. Jain– Member |
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Compensation
Committee : |
·
Mr. Mr. Ramesh C
A Jain – Chairman ·
Mr. Ashok B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. Vasant V wsarty – Member ·
Ms. Radhika Pereira - Member |
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Operations
Review Committee : |
·
Mr. Ashok B Jain – Chairman ·
Mr. Anil B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. R Swaminathan – Member ·
Mr. Atul B Jain- Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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20,520,575 |
5.35 |
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99,093,836 |
25.83 |
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119,614,411 |
31.18 |
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Total
shareholding of Promoter and Promoter Group (A) |
119,614,411 |
31.18 |
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(B) Public
Shareholding |
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2,792,056 |
0.73 |
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46,690 |
0.01 |
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250 |
- |
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194,929,924 |
50.81 |
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197,768,920 |
51.55 |
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10,570,731 |
2.76 |
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27,070,775 |
7.06 |
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6,735,392 |
1.76 |
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21,881,426 |
5.70 |
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2,126,476 |
0.55 |
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15,477,492 |
4.03 |
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1,395,927 |
0.36 |
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|
13,625 |
- |
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2,867,906 |
0.75 |
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66,258,324 |
17.27 |
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Total Public
shareholding (B) |
264,027,244 |
68.82 |
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Total (A)+(B) |
383,641,655 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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2,244,430 |
- |
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2,244,430 |
- |
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Total
(A)+(B)+(C) |
385,886,085 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
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Line of
Business : |
Manufacturer and Exporter of Irrigation System. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Micro
Irrigation Systems |
MT |
212410 |
101404 |
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Piping
System |
MT |
259990 |
120979 |
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Plastic
Sheets |
MT |
36300 |
14920 |
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Agro Processing |
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Dehydrated
Onion and Vegetables |
MT |
18214 |
11842 |
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Fruit
Puree and Concentrate |
MT |
141575 |
58179 |
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Solar Systems |
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Solar
Water Heating Systems |
LTR |
2000000 |
1649000 |
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Solar
Photo Voltaic Systems |
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25000000 |
7637405 |
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Tissue Culture Plants |
No’s |
30000000 |
23814905 |
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Slabs/ Tiles |
Sq.mtr |
33750 |
31879 |
NOTE:
1] As certified by
Management and accepted by the auditors.
2] Optimum
Capacity Utilization is only 70% to 80% of installed capacity due to
seasonality factor.
3] Entire
production for captive consumption.
GENERAL INFORMATION
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No. of
Employees : |
6500 (approximately)
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Bankers : |
Ø
Axis Bank Limited, Mumbai, Ø
Bank of Ø
Canara Bank, Jalgaon,
Ø
DBS Bank Limited, Mumbai, Ø
Export Import Bank of Ø
HDFC Bank Limited, Mumbai, Ø
IDBI Bank Limited, Jalgaon, Ø
Indian Bank, Mumbai,
Ø
Standard Chartered Bank, Mumbai, Ø
State Bank of Ø
Union Bank of Ø
ICICI Bank Limited, Mumbai, Ø
Yes Bank Limited, Mumbai, Ø
Rabo
Bank International, Mumbai, |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
42, Free Press House, 4th Floor, 215, Nariman Point,
Mumbai 400 021, |
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Solicitors : |
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Name : |
Mulla and Mulla
and Craigie and Blunt and Caroe, |
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Address : |
Mulla House, 51, |
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Name : |
Solomon and
Company |
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Address : |
Calcot House, 3rd
Floor, 8/10, M.P. Shetty Marg, ( |
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Wholly Owned
Subsidiary Companies: |
Ø JISL Overseas
Limited, Ø Jain
International Trading BV, |
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Fellow
Subsidiary Companies: |
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Wholly Owned Subsidiaries of JISL Overseas
Limited, |
Ø Jain ( Ø Jain ( Ø Jain Overseas
BV. Netherland |
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Subsidiaries of Jain ( |
Ø Cascade
Specialties Inc. Ø Jain Irrigation
Holding Corporation Inc. |
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Subsidiary of Jain Irrigation Holding Corporation
: |
Ø Jain Irrigation
Inc, |
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Wholly Owned Subsidiaries of Jain Overseas B V, Netherland
: |
Ø JISL Global SA Ø Jain ( Ø Jain Sulama
Sistemleri Sanayi Ve Ticaret Anonim Sirkti, |
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Wholly Owned Subsidiaries of JISL Global SA : |
Ø JISL Systems SA |
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Subsidiary of Jain ( |
Ø Naandan Jain
Irrigation CS Limited |
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Subsidiary of JISL Systems SA, |
Ø The Machines SA |
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Subsidiary of Jain (Europe ) Limited |
Ø SQF 2009 Limited w.e.f.2nd Nov.2010 |
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Subsidiaries of Naandan Jain Irrigation CS
Limited, |
Ø NaanDan Agro-Pro
Limited, Ø NaanDan Jain Ø NaanDan Jain
Australia Pty Limited, Ø NaanDan Do
Brasil Participacoes Ltda., Ø NaanDan Jain
Industria E Comercio de Equipments Limited, Ø Dansystems Ø NaanDanJain Ø NaanDan Jain
S.R.L., Ø NaanDan Jain Ø NaanDan Jain Ø NaanDanJain
Irrigation Projects S.R.L., |
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Wholly owned
subsidiaries of SQF 2009 Limited |
·
Sleaford Food Group Limited, ·
Sleaford Quality Foods Limited, Arnolds Quick Dried Foods Limited, |
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Subsidiary of THE
Machines SA, |
Pro Tool AG, |
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|
|
|
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|
Subsidiary of
Cascade Specialties Inc., |
White Oak Frozen Foods, |
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|
|
|
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|
Joint venture of
Naandan Jain Irrigation CS Limited, |
Dansystems |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Not consolidated in
Naandan Jain Irrigation CS Limited, Israel |
Naan Sprinklers and Irrigation Systems, INC, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Related
Parties : |
Companies : · Jain Extrusion and Molding Private Limited · Jain Vanguard Polybutelyne Limited · Atlaz Technology Private Limited · JAF Products Private Limited · Jalgaon Investment Private Limited · Jain Rotfil Heaters Private Limited · Jain e-agro.com India Private Limited · Aadhunik Hi Tech Agriculture Private Limited. (Formerly Gauri Hi Tech Agriculture Private Limited) ·
Kantabai
Bhavarlal Jain Family Knowledge Institute Partnership Firms : · Jain Computer and Allied Services · Jalgaon Metal and Bricks Manufacturing Company Proprietorship : · PVC Trading House · Plastic Enterprises · Drip and Pipe Suppliers · Jain Sons Investments Corporation Trust : · Anubhuti Scholarship Foundation · Bhavarlal and Kantabai Jain Multipurpose Foundation Trust Entities :
Foreign Companies : ·
Jain Investments and ·
Jain Overseas Investments Limited. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
926500000 |
Equity Shares |
Rs. 2/- each |
Rs. 1853.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
|
310000000 |
Differential
Voting Rights Equity Shares |
Rs. 2/- each |
Rs. 620.000 Millions |
|
|
Total |
|
Rs. 2973.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
385,886,085 |
Equity Shares |
Rs. 2/- each |
Rs. 771.772 Millions |
|
19,294,304 |
Differential
Voting Rights Equity Shares |
Rs. 2/- each |
Rs. 38.588 Millions |
|
|
Total |
|
Rs. 810.360 Millions |
Notes:
a) Rights, preferences and restrictions attached to equity
shares
Each holder of ordinary equity shares is entitled to one
vote per share. They have right to receive dividend proposed by the Board of
directors and approved by the shareholders in the annual general meeting, right
to receive annual report and other quarterly/half yearly/annually
reports/notices and right to get new shares proportionately in case of issuance
of additional shares by the company.
In the event of liquidation of the company, the holders of
equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of ordinary equity shares held by the shareholders.
The company has a first and paramount lien upon all the ordinary equity shares.
b) Terms of redemption of preference shares
462,642 Preference shares of Rs.100 each were
redeemed in 2 equal installments on June 30, 2009 and on June 30, 2010 at a
premium of Rs.16
per share.
c) Terms and conditions of differential voting rights (DVR)
The DVR equity shareholders have the same rights as the
ordinary equity shares of the company except voting rights. Every 10 DVR equity
shares have one voting right on poll (on show of hands however they carry 1
vote for every person voting). Any DVR holder holding less 10 DVR equity shares
hold fractional voting rights. The DVR equity shares have right to receive full
dividend, to receive annual report and other information/correspondence from
time to time, to receive bonus and/or rights shares of the same class of shares
as and when such an issue is made in respect of ordinary equity shares and in
the same ratio and terms. In case of buy back or reduction of capital of
ordinary equity shares, the DVR equity shares have right subject to buyback or
reduction on the same terms as ordinary equity shares. Further, in case of
issue of ordinary equity shares or any other securities or assets to ordinary
equity shares in case of amalgamation/demerger/ re-organisation/ reconstruction,
the DVR equity shares have right to receive DVR equity shares and any other
securities/assets as issued to ordinary equity shares. They have right to hold
separate class meeting if their rights are affected in any manner adversely.
d) Pursuant
to the decision of Board on August 9, 2010 and Shareholders’ decision dated
September 29, 2010 the Company decided to split Equity Shares of Rs.10 each into
Equity Shares of Rs.2 each. The Company fixed a record date of November 1,
2010 to make effective the split of shares as above.
Shareholders holding more than 5% of
equity share capital/equity share capital with differential voting rights
(Equity shares of Rs.2 each)
|
Name of the Shareholder |
31-Mar-2012 |
|||
|
Ordinary equity shares |
DVR |
|||
|
Number of Shares |
Percentage of holding |
Number of Shares |
Percentage of holding |
|
|
Jalgaon Investments Private Limited |
96,605,000 |
25.03% |
4,830,250 |
25.03% |
|
Emerging Markets Growth Fund, Inc. |
20,202,102 |
5.24% |
974,450 |
5.05% |
|
Smallcap World Fund, Inc |
11,470,000 |
2.97% |
573,500 |
2.97% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
810.360 |
771.450 |
783.440 |
|
|
2] Share Warrants |
347.930 |
347.930 |
0.000 |
|
|
3] Reserves & Surplus |
17961.280 |
15723.320 |
12646.110 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
19119.570 |
16842.700 |
13429.550 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18225.830 |
15445.710 |
14022.710 |
|
|
2] Unsecured
Loans |
7553.310 |
5161.020 |
3813.070 |
|
TOTAL BORROWING
|
25779.140 |
20606.730 |
17835.780 |
|
DEFERRED TAX LIABILITIES
|
1709.870 |
1224.250 |
1024.420 |
|
|
|
|
|
|
|
TOTAL
|
46608.580 |
38673.680 |
32289.750 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
17858.850 |
14952.740 |
12026.270 |
|
Capital work-in-progress
|
1773.850 |
832.600 |
1215.840 |
|
|
|
|
|
|
|
INVESTMENT
|
4307.400 |
4032.790 |
3964.660 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
8011.960
|
9149.470
|
6061.540
|
|
|
Sundry Debtors
|
20286.080
|
14818.160
|
8876.000
|
|
|
Cash & Bank Balances
|
2827.430
|
3830.300
|
4378.130
|
|
|
Other Current Assets
|
4564.620
|
2324.550
|
251.540
|
|
|
Loans & Advances
|
3468.190
|
3736.450
|
3735.900
|
Total Current Assets
|
39158.280
|
33858.930
|
23303.110
|
|
Less: CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
11744.540 |
10936.230 |
6128.290 |
|
|
Current Liabilities
|
4198.750
|
3539.010
|
1594.390
|
|
|
Provisions
|
546.510
|
528.140
|
497.450
|
Total Current Liabilities
|
16489.800
|
15003.380
|
8220.130
|
|
Net Current Assets
|
22668.480
|
18855.550
|
15082.980
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
46608.580 |
38673.680 |
32289.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37810.920 |
33309.010 |
27229.110 |
|
|
|
Other Income |
312.990 |
828.280 |
247.420 |
|
|
|
TOTAL (A) |
38123.910 |
34137.290 |
27476.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
20540.810 |
21281.480 |
|
|
|
|
Changes in inventories of finished
goods and work in progress |
640.070 |
(2425.02) |
|
|
|
|
Employee benefit expenses |
1721.860 |
1503.210 |
|
|
|
|
Other expenses |
7253.040 |
5746.180 |
|
|
|
|
TOTAL (B) |
30155.780 |
26105.850 |
20925.070 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7968.130 |
8031.440 |
6551.460 |
|
|
|
|
|
|
|
|
|
Less |
INTREST FINANCIAL
EXPENSES (D) |
4234.770 |
2916.860 |
1942.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3733.360 |
5114.580 |
4608.490 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1007.270 |
839.720 |
685.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2726.090 |
4274.860 |
3922.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
42.300 |
1322.270 |
1219.340 |
|
|
|
|
|
|
|
|
|
Less/ Add |
PRIOR PERIOD
ITEMS |
0.800 |
0.000 |
9.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2682.990 |
2952.590 |
2712.450 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6628.830 |
4449.240 |
2850.890 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
300.000 |
271.200 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
23.000 |
425.390 |
|
|
|
Proposed Preference Dividend for the year |
|
|
13.540 |
|
|
|
Proposed Equity Dividend |
405.000 |
386.000 |
343.320 |
|
|
|
|
|
|
2.300 |
|
|
|
Provision for Dividend Tax on Equity
Dividend |
66.000 |
64.000 |
58.350 |
|
|
BALANCE CARRIED
TO THE B/S |
8340.820 |
6628.830 |
4449.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports (on the basis of bill of lading) |
6348.290 |
4920.470 |
4889.570 |
|
|
TOTAL EARNINGS |
6348.290 |
4920.470 |
4889.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Stores and Spares |
6288.910 |
7781.150 |
6796.710 |
|
|
|
Capital Goods |
1858.230 |
1787.890 |
5837.810 |
|
|
TOTAL IMPORTS |
8147.140 |
9569.040 |
12634.520 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.62 |
7.75 |
7.17 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 |
|
Type |
|
|
1ST
Quarter |
|
Net Sales |
|
|
8649.300 |
|
Total Expenditure |
|
|
7630.800 |
|
PBIDT (Excl OI) |
|
|
1018.500 |
|
Other Income |
|
|
53.100 |
|
Operating Profit |
|
|
1071.600 |
|
Interest |
|
|
1027.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
43.700 |
|
Depreciation |
|
|
274.100 |
|
Profit Before Tax |
|
|
(230.400) |
|
Tax |
|
|
(61.600) |
|
Provisions
and contingencies |
|
|
0.000 |
|
Profit
After Tax |
|
|
(168.800) |
|
Extraordinary
Items |
|
|
0.000 |
|
Prior
Period Expenses |
|
|
0.000 |
|
Other
Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(168.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.04
|
8.65
|
9.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.21
|
12.83
|
14.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.78
|
8.76
|
11.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25
|
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
2.11
|
1.94
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.26
|
2.83
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
The sales and operating income grew by a little over 14%, even as
domestic revenues remained flat at 11.1% YoY, while the exports jumped up by
30.4% YOY. In the domestic revenues the growth was mainly contributed by 11%
YOY growth in MIS/SIS, 16% agro processing, 5% Pipes and 127% Green Energy
businesses. The 30.4% overall growth in exports was contributed by MIS 62%, PVC
Pipe 59.5%, PE Pipe 111%, PVC Sheet 27.8%, Onion 21% and, generally the strong
exports trend in 2nd half of Financial Year 2012. The actual loss on account of
adverse Rupee Dollar movement is Rs.145.000 million out of total largely
notional expense on this account of Rs.1289.300 million. The Finance charges are
a little over 10% of Revenues and much above the targeted level of 5% mainly
due to delays in receivable collection (subsidy receivables from Government).
The profit for the year is Rs.2683.000 million a decrease of 9.5% over last year’s
level.
SIGNIFICANT
AWARDS, ACCOLADES AND RECOGNITIONS
The Company has received several awards on International, National and
State level during the
Financial Year 2012, however significant ones are:
G20 Challenge on inclusive award. Only 15 global Companies have been
awarded for their efforts in inclusive business innovation in their respective
fields of business (e.g. Agriculture for Jain irrigation) at G20 Leaders Summit
at Cabos in
New Sustainability Champion Award at World
Economic
Inclusive Agri Business Leadership Award Instituted by International
Finance Corporation (World Bank Group)
MANAGEMENT
DISCUSSION AND ANALYSIS
The global economy is in an almost synchronised slow down after an
initial upward momentum seen in early part of CY 2012. Despite slowdown
concerns the commodity cycle remains uncertain. Exports from emerging and
developing countries have been detained by weak global economic activity. On
the domestic front too macro economic indicators are raising concerns about
growth which is being revised downward by independent agencies to below 6% per
annum. Since last quarter of Financial Year 2011, the GDP growth estimates of
9.2% are now down to 5.3% in last quarter of Financial Year 2012. Domestic
interest rates are very high and not conducive to new investment decisions. Meanwhile
public atmosphere has been vitiated with constant stream of negative news
stretched government finances and pessimistic emerging scenario. Significant
weakness in investment activity is the main cause of slowdown. Monsoon
situation continues to worry, monsoon estimates were revised down too and the
country is expected to receive around 85% rainfall of long period average.
Inflation remains sticky due to primary food inflation and is not expected to
improve if drought were to be confirmed by end of Monsoon season in September
2012.
OVERVIEW OF
BUSINESS
Their Company (JISL) is a leading agri-business Company, operating in
diverse but integrated segments of the agribusiness value chain. It is the
second largest micro irrigation Company globally and is largest manufacturer of
micro irrigation systems in
OVERSEAS HOLDING
COMPANIES
JISL Overseas Limited,
Jain International
Trading B.V., Netherland is a wholly owned subsidiary of the Company and is
incorporated in 2010 under the laws of Netherland. For the year ended 31st
March, 2012, Jain International Trading B.V. had share capital of US$6.67
million. The said Company had a loss of US$ 312,860 for the year ended 31st
March, 2012.
Jain Overseas
B.V., Netherland is a wholly owned subsidiary of the JISL Overseas Limited,
Jain (
JISL Global SA,
Switzerland is a wholly owned subsidiary of the Jain Overseas BV.,
JISL Systems SA,
Switzerland is a wholly owned subsidiary of the JISL Global SA.,
Jain Irrigation
Holdings Inc. Delaware, USA is a subsidiary of the Jain Americas Inc.,
OVERSEAS MARKETING
COMPANIES
Jain (
Jain (Europe) Limited;
OPERATING
SUBSIDIARY COMPANIES
Jain Irrigation
Inc.,
Cascade
Specialities Inc. USA is a wholly owned subsidiary of the Company
through the Jain (
NaanDanJain
Irrigation C.S. Limited
THE Machines SA,
Switzerland is a wholly owned subsidiary of the Company through the JISL Systems SA.
It is a
Jain Sulama
Sistemleri San. Tic. A.S.,
SQF 2009 Limited,
UK
is based in Sleaford town in
Pro Tool AG,
Switzerland is a Switzerland based manufacturer of plastic injection mould. The
Company is owned to the extent of 75% through the THE Machine SA. For the post
acquisition period, the Company had reported revenue of CHF 1.03 million (Equivalent
to US$1.18 million). The company has a option to acquire remaining ownership
over the next 10 years from other share holders at an agreed fixed price.
Eurodrip
OVERVIEW OF
SEGMENT
HIGH-TECH AGRI
INPUT PRODUCTS
This segment comprises of Micro and Sprinkler irrigation systems, PVC
Pipes, biotech Tissue Culture and other agri inputs. The segment has grown at
almost 12.5% over the previous year at Rs. 25595.000 million. The main growth
engine was the MIS business at an impressive 11.4% growth. PVC pipes also grew
at a growth rate of 13.6%. The segment profit has grown by approximately 7%
over the earlier year’s level, while the capital employed grew at over 65%
reflecting the creation of additional capacities during the year as well as
stretched MIS/ SIS receivables.
Micro and
sprinkler irrigation
Industry
The industry is broadly divided into the organized and unorganized
segments in the country. The Company is the largest player in the organized sector.
In view of the involvement of a large number of components in a system, all of
which are not available with a single manufacturer, it is difficult to hazard a
guess about the exact size of the industry as most of the figures are derived
on the basis of information available from different sources. While the Company
controls 55% of the Micro Irrigation business in the country, it has a market
share of 35% in the Sprinkler irrigation business in the country. The current
estimate of industry size is Rs. 33 bn. and it is growing at a fast pace. Currently
only 5 million Ha (7% coverage) of the possible 69 million Ha area is covered
under the micro and sprinkler irrigation in the country. However, as per
Government task force, 17million Ha of land can be easily brought under micro
irrigation coverage in the country by 2012, while by 2030 the extent of MIS/SIS
coverage may reach 69.5 mn Ha.
The prospect for global growth of the MIS industry is strong. Experts
estimate that by 2025 the majority of developed countries will confront issues
resulting from a scarce water supply, with all major economies switching to MIS
to mitigate the disruption that such a shortage could cause. Although MIS’s
popularity continues to grow, high initial costs have hindered its wider
application. Despite this, over the last 20 years, there has been a six-fold
increase in the area under micro irrigation. North America and Europe have the highest
rates of utilization, with the
Performance
The business contributes approximately 51% of the Company’s turnover.
The division has been growing at a CAGR of 39% in last five years on the back
of projects in the States of Andhra Pradesh, Gujarat, Tamil Nadu and consistent
growth in
Almost 50% of the arable land in the country is still rain fed. The
Government (Central and State) provide 50% capital subsidy for promoting the
use of Micro Irrigation by farmers. While targeting an agriculture growth of 4%
per annum, the government had also placed higher targets for farm credit and
agriculture investments at 2% plus of the GDP for the XII plan period. Recently
in 2010 the Cabinet Committee of Economic Affairs approved the “National
Mission on Micro Irrigation” (NMMI) during the Eleventh Plan period. This again
demonstrates the sustained focus of the government on pushing the
micro-irrigation as a tool to conserve the water and address the issue of food
security. The Union Budget reflected an overall increase in thrust towards
agriculture. During the year, the 23rd manufacturing plant worldwide, and 11th
in
PVC Piping
Industry Indian
Scenario
Performance
During the FY 2012, this business contributed 17% revenue for the
Company. The business has grown at a steady 16.7 % in revenues over last year.
The business added 4,620 MT of capacity during the year , while the Fixed
Assets addition was to the tune of Rs.1830.000 million. The Company is a clear
leader in rural water and irrigation markets, while it has long way to go to
build business in urban areas for building and construction sector
Biotech Tissue
Culture
Industry
The industry is broadly divided into two segments
1) Fruits and vegetables
2) Leafy Plants and flowering Ornamental Plants.
The industry is not organized although some big names did start forays
in this industry in the mid 1990’s. Most of the players are engaged in tissue culture
for cut flower exports, where the model of business is quite different. The
Company started with banana as the main crop for tissue culture and the efforts
have really paid off. The industry is still growing at an estimated 25% per
annum.
Performance
The sales in business crossed Rs.436.000 million during the year,
reflecting a 61.4% growth over the previous year. The quantity increased to
29.600 million plantlets. Keeping quality of plants as the top priority. Company
had implemented a four stage disease testing program. The unit has also
maintained various certification standards for commercial tissue culture
laboratories. This division had extra ordinary performance in all respects.
The outlook continues to be excellent and demand shows improved uptake in the coming season. Now, many State Governments are evincing keen interest in promoting tissue culture. The Company has the opportunity to diversify the business, produce fruit, ornamental and other fruit plants. The Company has also started production of tissue culture pomegranate plants, onion and even mango. Research and Development to create Citrus plants has been successful. There is also an export potential to other Asian countries which can be tapped.
Industrial
Products
PE Piping
Industry
The applications of PE pipes are growing at a fast pace and yet new
applications are being developed for the product. In applications like sewage and
effluent disposal, due to the tougher environmental laws and stricter
application of the same by the Government departments, the replacement of
cement/metal pipes by PE pipes is becoming very relevant. Such possibilities
are significant especially since the larger diameter PE pipes are now
indigenously available within the country itself. The Company’s presence in gas
and cable duct segments of the PE pipe business is commanding and hence the
overall market share is in excess of 30%. The Company is operating in all
segments of the applications like cable duct, sprinklers, gas distribution,
water conveyance, house service connection, Sewage conveyance, Effluent
disposal, sand stowing, dust suppression etc.
Performance
This business has degrown in FY 2012 by 9.7%. However it is still at Rs.2878.000
million for Financial Year 2012. However, with all user industries like
telecom, gas, water and sewerage having good plans for growth and capital
expenditure, the future is bright for this business. While future is bright, in
short term, the business in languishing due to stalled infrastructure projects.
The Company has successfully continued to get large supply contracts
with multinational companies for supply all over the world as a preferred
supplier with very encouraging revenues. The massive infrastructure projects
undertaken under the Bharat Nirman Yojana, increased investments by telecommunication
industry and plans for piped gas in cities, continue to be the potential demand
drivers for the industry. All the Gas Distribution companies are continuing
their growth plans as newer cities are being added every year. The telecom
sector in
Onion and
vegetable dehydration
Industry
Dehydrated Onion is the largest used general food ingredient. This
industry is dominated by supplies from
Performance
During the year, this business has grown by 23.5% as compared to
previous year. The Company achieved this sales growth under the adverse
scenario of bad onion crop, increased raw material cost, volatile rupee, etc.
Company also achieved better realization on average sale price per kilo basis
therefore showing overall good performance. In order to maintain its leadership
position the Company has upgraded and maintained its quality management system
to ISO 22000 apart from other certifications like BRC, GMA SAFE, Kosher, Halal etc.
Company's Indian operations have also been certified under ISO 14001 and OSHAS
18001 for Environment and Occupational Health and Safety.
Outlook for vegetable dehydration industry in general and dehydrated
onion industry in particular looks positive. Large multinational companies with
very popular household brands are looking towards consolidating the number of
suppliers and trying to align with select few suppliers who can provide better
traceability and sustainability. This puts the Company in a very good position
due to its backward linkages, relationship with farmers, contract farming programs,
ability to supply from two different origins with different seasons and product
quality attributes and Company’s sustainability in general. Company has seen
its business grow with quality oriented large multinationals over last few
years. Worldwide Onion dehydration industry is estimated to be around 180,000
MTPA. The industry is growing globally at 3-5% per annum. The Company now has
capacity to produce approximately 28,000 MT per annum of finished products
between its three plants in two countries. This makes the Company the third
largest dehydrated onion producer in the world. Company has also expanded its
business by increasing the usage of dehydrated onion in the custom made dry
ingredients blends for food industry through its subsidiary in the
Fruit processing
Industry
The fruit and vegetable processing industry has a huge potential in
Performance
This unit forms an important part of the Company’s approach to integrated
farming model, wherein the Company supplies the farmer with high-tech agri
inputs, and is ready to buy back the surplus output to add value and offer the
same locally and in International markets, thereby completing the agri value
chain. The unit clocked yearly revenues of Rs.3475.000 Millions. during the
year . The business grew at 12.6% in value terms. The unit processed 113,520 MT
of fruits during the year. The unit added new capacities in Aseptic, Frozen and
IQF part of the business recently. Company processed various fruits like Mango,
Pomegranate, Amla, Guava, Banana, Papaya, Tomato, etc in the year. The unit
continues to retain its accreditation under various quality standards such as
ISO 22000, FSSC 22000, SGF, Kosher etc. The business unit has also achieved
accreditation under ISO 14000 and OSHAS 18000 standards. With the increased
capacity, improved plant utilization and reduction in raw material transport
cost; this unit has become cost efficient and a high quality producer of fruit
purees and concentrates. The Company is a strategic supplier to Coca Cola
system worldwide for supplying Mango Pulp/Puree and Concentrates. The 'Maaza' brand
of Coca Cola Company is a brand leader in the fruit beverages category and
continues to clock compounded annual growth rate of upto 30%.
PVC Sheets
Industry
Major markets for Company’s products are Europe and
Performance
This business has grown by 29.5% in current year. It accounted for
around 5% of the revenue.
The economic downturn has resulted into some players exiting the market
and others redefining their basket of offerings. This consolidation in the
industry will benefit both the manufacturer and the end user.
UNAUDITED WORKING RESULTS FOR THE
QUARTER ENDED 30TH JUNE - 2012
(Rs.
In Millions)
|
Particulars |
3 Months Ended |
|
|
Un-Audited |
||
|
30.06.2012 |
||
|
1a |
Net Sales
/ Income from Operations |
|
|
|
Gross Sales |
8639.600 |
|
|
Less: Excise Duty |
(203.500) |
|
|
Net Sales |
8436.100 |
|
1b |
Other
Operating Income |
213.200 |
|
|
Total
Income |
8649.300 |
|
2 |
Expenditure |
|
|
|
a) Cost of Materials Consumed |
6226.800 |
|
|
b) Purchase of Traded Goods |
- |
|
|
c) Changes in Inventories of
Finished Goods, Work-in-Progress and |
(1589.300) |
|
|
Stock-in-Trade |
|
|
|
d) Employee Benefits Expenses |
412.300 |
|
|
e) Depreciation and Amortization
Expenses |
274.100 |
|
|
f)
Other Expenditure (i to iii) |
1786.600 |
|
|
i) Manufacturing Expenses |
970.300 |
|
|
ii) Selling and Distribution
Expenses |
6,10.200 |
|
|
iii) Administrative and Other
Expenses |
206.100 |
|
|
g) Cost of Self Generated Capital
Equipment |
- |
|
|
Total
Expenditure |
7110.500 |
|
3 |
Profit
from Operations before Exchange Rate Difference, Other Income, Finance Costs,
Tax and Exceptional Items. |
1538.800 |
|
4 |
Exchange Rate Difference -
(Expense) / Income |
(671.800) |
|
5 |
Profit
from Operations before Other Income, Finance Costs, Tax and Exceptional Items |
867.000 |
|
6 |
Other Income /(Expenses) |
53.100 |
|
7 |
Profit
before Finance Costs and Exceptional Items |
920.100 |
|
8 |
Finance Costs |
|
|
|
- Interest |
1027.900 |
|
|
-
Applicable Net Loss Foreign Currency Translation and Transaction |
122.600 |
|
9 |
Profit
after Finance Costs but before Exceptional Items |
(230.400) |
|
10 |
Exceptional Items |
- |
|
11 |
Profit
From Ordinary Activities Before Tax |
(230.400) |
|
12 |
Tax Expense |
(61.600) |
|
13 |
Net Profit
From Ordinary Activities After Tax |
(168.800) |
|
14 |
Prior Period Expenses |
- |
|
15 |
Minority Interest |
- |
|
16 |
Net Profit
for the period / Year |
(168.800) |
|
17 |
Paid-up Equity Share Capital at
Rs. 2/- each |
810.400 |
|
18 |
Reserves Excluding Revaluation
Reserves |
- |
|
19 |
Earnings Per Share (EPS) [without
annualising] a) EPS Before Extra-Ordinary Items
for the period. |
|
|
|
i) Basic |
(0.42) |
|
|
ii) Diluted |
(0.42) |
|
|
b) EPS After Extra-Ordinary Items
for the period. |
|
|
|
i) Basic |
(0.42) |
|
|
ii) Diluted |
(0.42) |
|
20 |
A)
Particulars of Shareholding 1) Public
Share Holding (Including 'EDR's) |
|
|
|
i) Number of Ordinary Equity
Shares |
266,271,674 |
|
|
ii) Percentage of Ordinary Equity
Share holding |
69.00%% |
|
|
(as a % of
the total Ordinary Equity Capital of Company) |
|
|
|
iii) Number of DVR Equity Shares |
13,438,030 |
|
|
iv) Percentage of DVR Share
holding (as a % of the total DVR Capital of Company] |
69.65%% |
|
|
2) Share
Holding of Promoter Group |
|
|
|
a) Pledged
/ Encumbered |
|
|
|
i) Number of Ordinary Equity
Shares |
58,196,605 |
|
|
ii) Percentage of Ordinary Equity
Shares |
48.65%% |
|
|
(as a % of
the total Ordinary Equity shareholding of Promoter and promoter group) |
|
|
|
iii) Percentage of Ordinary Equity
Shares |
15.08%% |
|
|
(as a % of
the total Ordinary Equity Capital of Company) |
|
|
|
iv) Number of DVR Equity Shares |
669,830 |
|
|
v) Percentage of DVR Share holding |
11.43%% |
|
|
(as a % of the total DVR
shareholding of Promoter and Promoter Group) |
|
|
|
vi) Percentage of DVR Equity
Shares (as a % of the total DVR Capital of Company) |
3.47%% |
|
|
b) Non
Encumbered |
|
|
|
i) Number of Ordinary Equity
Shares |
61,417,806 |
|
|
ii) Percentage of Ordinary Equity
Shares |
51.35%% |
|
|
(as a % of the total Ordinary
Equity shareholding of Promoter and promoter group) |
|
|
|
iii) Percentage of Ordinary Equity
Shares |
15.92%% |
|
|
(as a % of
the total Ordinary Equity Share Capital of Company) |
|
|
|
iv) Number of DVR Equity Shares |
5,186,444 |
|
|
v) Percentage of DVR Share holding |
88.57%% |
|
|
(as a % of
the total DVR shareholding of Promoter and Promoter Group) |
|
|
|
vi) Percentage of DVR Equity
Shares (as a % of the total DVR Capital of Company) |
26.88%% |
|
|
Particulars |
3 Months Ended 30.06.2012 |
|
|
B) Investor
Complaints |
|
|
|
i) Pending at the beginning of the
quarter |
- |
|
|
ii) Received during the quarter |
8 |
|
|
iii) Disposed of during the
quarter |
8 |
|
|
iv) Remaining unsolved at the end
of the quarter |
- |
Notes on the
quarter ended 30 June 2012:
[1] As per the Company's accounting policy during the quarter ended, 30
June 2012 a sum of Rs.36.500 Millions has been reversed to Hedging Reserve due
to strong Rupee movement against major foreign currencies (Debit balance of Rs.144.200
Millions as on 31 March 2012)
[2] For the quarter ended 30 June 2012 net loss on account of exchange
rate difference of Rs.671.800 Millions include unrealized net loss Rs.587.600 Millions
on long term foreign currency borrowing.
[3] Previous period's figures have been regrouped / reclassified, as
required under Revised Schedule-VI to the Companies Act, 1956 wherever
necessary, to conform to current quarter's classification.
[4] The above results have been taken on record at a meeting by the
Audit Committee and the Board of Directors of the Company on 14 August 2012.
[5] The Auditors of the Company have carried out the Limited Review of
the above financial results.
[6] The figures for the quarter ended 31 March 2012 are the balancing
figures between the audited figures in respect of the full financial year
2011-12 and the published year to date figures upto the third quarter of the
relevant financial year.
QUARTERLY /
YEAR ENDED REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs.
In Millions)
|
Particulars |
3 Months Ended |
|
|
Un-Audited |
||
|
30.06.2012 |
||
|
1 |
Segment
Revenue |
|
|
|
a) Hi-tech Agri Input Products |
5983.400 |
|
|
b) Industrial Products |
2661.700 |
|
|
c) Non conventional energy |
4.200 |
|
|
Net Sales Income From Operations |
8649.300 |
|
2 |
Segment Result : (Profit/ (Loss) before tax and interest
from each segment) |
|
|
|
a) Hi-tech Agri Input Products |
1373.400 |
|
|
b) Industrial Products |
513.900 |
|
|
c) Non conventional energy |
- |
|
|
Total |
1887.300 |
|
|
Un-allocable
expenditure (net) |
|
|
|
Less: i) Finance Costs |
1150.500 |
|
|
ii) Other
un-allocable |
967.200 |
|
|
expenditure
(net of |
|
|
|
un-allocable
income) |
|
|
|
Profit / (
Loss ) Before Tax |
(230.400) |
|
3 |
Capital Employed: (Segment Assets - Segment Liabilities) |
|
|
|
a) Hi-tech Agri Input Products |
21843.700 |
|
|
b) Industrial Products |
11924.200 |
|
|
c) Non conventional energy |
728.200 |
|
|
d) Other Unallocated |
(15508.900) |
|
|
Total |
18987.200 |
Segment Note
1. Company has considered business segment for reporting purpose, primarily based on customer category. The products considered for the each business segment are:
a. Hi-Tech Agri Input Products includes Micro Irrigation Systems, PVC Piping Products, Tissue Culture Plants and Agri R and D Activities.
b. Industrial Products includes PE Piping Products, Plastic Sheets, Agro Processed Products and Solar Products.
2. The revenue and results figure given above are directly identifiable to respective segments and expenditure on common services incurred at the corporate level are not directly identifiable to respective segments have been shown as "Other Un-allocable Expenditure".
3.
The Capital Employed figures given above
are directly identifiable to respective segments and Capital Employed for
corporate services for head office and investments related to acquisitions have
been shown as "Others" unallocated.
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
|
Particulars |
31.03.2012 Rs.
In Millions |
31.03.2011 Rs.
In Millions |
|
Claims not acknowledged as debts in respect of: |
|
|
|
- Customs and Excise duty |
283.970 |
281.470 |
|
- Other taxes and levies |
69.420 |
73.780 |
|
- Others (Legal) |
22.440 |
52.710 |
|
Guarantees given by the company bankers in the normal course of
business |
1704.300 |
1263.650 |
|
Export bills discounted of related
party with consortium banks |
1242.430 |
104.070 |
|
Export obligations towards duty saved amount under EPCG scheme |
1446.100 |
1834.100 |
|
Corporate Guarantee given for repayment of indebtedness of overseas
subsidiaries |
2141.080 |
1802.040 |
|
SBLC issued by bank for repayment
of indebtedness of overseas subsidiaries |
1268.680 |
1451.130 |
In respect of (i) above, the company has taken necessary legal steps to protect its position in respect of these claims, which, in its opinion, based on legal advice, are not expected to devolve. It is not possible to make any further determination of the liabilities which may arise or the amounts which may be refundable in respect of these claims.
Fixed
Assets
Ø Goodwill
Ø Trademark and
Development
Ø Computer
Software
Ø
Ø
Ø
Ø Green/Poly/ Shed
Houses
Ø Plant and
Machinery and Equipments
Ø Office Equipments
Ø Electrical
Installations,
Ø Furniture,
Fixtures
Ø Vehicles
Ø Live Stock
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 55.20 |
|
|
1 |
Rs. 87.79 |
|
Euro |
1 |
Rs. 70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.